HOLDING COMPANIES: Bankers' Banyan

To Wilmington, Del., one day last
week, went a handful of the 10,000-odd stockholders of Aviation and
Transportation Corp. Gathered in its boardroom in the Corporation
Guarantee & Trust Co., they helped elect three new directors (one of
them bristle-maned ex-Champ Gene Tunney), asked a few questions, went
their ways. Question none of them thought to ask was one that has been
kicked around in the flying business like a sandlot soccer ball : what
is ATCO going to do about simplifying its corporate structure?

For holding-company complications, the aviation business was getting...